The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)
Table 7 Effect of patents on economic growth, less advanced economies
From: Implications of AI innovation on economic growth: a panel data study
Dependent Variable: Real GDP growth rate per capita (5-year average) | (1) OLS | (2) FE | (3) AH | (4) GMM | (5) OLS | (6) FE | (7) AH | (8) GMM |
|---|---|---|---|---|---|---|---|---|
Real GDP growth rate per capita (t − 1) | 0.043 (0.048) | 0.030 (0.030) | 0.078* (0.045) | 0.015 (0.051) | 0.006 (0.057) | − 0.100* (0.053) | − 0.054 (0.037) | − 0.024 (0.100 |
Log of real GDP per capita (t − 1) | − 0.256 (0.328) | − 1.606*** (0.480) | − 1.351* (0.718) | − 1.237 (0.745) | − 0.282** (0.132) | − 1.659*** (0.475) | − 1.408*** (0.454) | − 0.113 (0.934) |
Log of AI patents per million people | 0.031 (0.073) | 0.087 (0.080) | 0.076 (0.122) | 0.265 (0.208) | – | – | – | – |
Log of total patents per million people | – | – | – | – | 0.159*** (0.056) | 0.030 (0.081) | 0.027 (0.118) | 0.062 (0.204) |
Population growth rate | − 0.741*** (0.172) | − 0.559** (0.241) | − 0.680* (0.354) | − 0.228 (0.456) | − 0.073 (0.191) | 0.857*** (0.271) | 0.833*** (0.217) | 0.271 (0.816) |
Gross capital formation growth rate (per capita) | 0.113** (0.051) | 0.111** (0.054) | 0.114*** (0.016) | 0.086 (0.068) | 0.164*** (0.025) | 0.125*** (0.023) | 0.129*** (0.012) | 0.153 (0.097) |
Government expenditure growth rate (per capita) | 0.198*** (0.037) | 0.177*** (0.033) | 0.176*** (0.045) | 0.255* (0.135) | 0.246*** (0.043) | 0.194*** (0.040) | 0.194*** (0.021) | 0.454** (0.186) |
Trade openness (5-year average) | 0.007*** (0.002) | 0.009*** (0.003) | 0.009*** (0.003) | 0.004 (0.004) | 0.004** (0.002) | 0.0110*** (0.004) | 0.011** (0.004) | 0.001 (0.009) |
Human capital index growth rate | − 0.066 (0.183) | − 0.004 (0.142) | − 0.017 (0.262) | 0.227 (0.466) | 0.029 (0.176) | 0.052 (0.159) | 0.057 (0.217) | 0.767 (0.673) |
Inflation (5-year average) | 0.032 (0.029) | 0.031 (0.029) | 0.026 (0.029) | − 0.006 (0.058) | 0.018 (0.022) | 0.019 (0.021) | 0.014 (0.023) | − 0.022 (0.206) |
Constant | 3.220 (2.727) | 14.108*** (4.136) | – | 10.358* (6.138) | 2.139* (1.131) | 12.400*** (3.848) | – | − 0.236 (7.238) |
Time dummies | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Number of instruments | – | – | – | 55 | – | – | – | 28 |
Sargan-Hansen overidentifcation test (p-value) | – | – | – | 0.342 | – | – | – | 0.571 |
AR(1) (p-value) | – | – | – | 0.005 | – | – | – | 0.000 |
AR(2) (p-value) | – | – | – | 0.281 | – | – | – | 0.131 |
N | 301 | 301 | 301 | 301 | 763 | 763 | 763 | 763 |
n | 83 | 83 | 83 | 83 | 110 | 110 | 110 | 110 |